Cyprus agrees package with EU to promote jobs and economic growth

Cyprus has agreed a funding package with the European Union (EU) worth €612 million (£412 million) over the next seven years designed to stimulate economic growth and job numbers in the country.

As part of the country's national plan and EU cohesion policy, commissioners congratulated Cyprus on its choice of priorities for the funding, claiming that it clearly demonstrates Cyprus' commitment to Europe. Danuta Hubner, regional policy commissioner, explained that the money will improve the competitiveness of the Cypriot regions, attracting new investment in the process.Social affairs commissioner Vladimir Spidla added:

"The Cyprus strategy contains a strong commitment to promoting the quality and intensity of investments in human resources."

"The strategy will also boost employment and promote social inclusion," he added.Cyprus entered the EU in May 2004 and it intends to adopt the euro as its currency on January 1st 2008, depending on the success of its "particularly ambitious [but] realistic" economic targets.

The government in Cyprus claimed its economy demonstrated "remarkable results" last year.